Adani Ports’ Profit Misses Estimates On Weak Rupee

Adani Ports and Special Economic Zone Ltd.’s profit fell for the second straight quarter due to foreign exchange losses.

Net profit during the April-June period declined 9 percent to Rs 691 crore from Rs 761 crore a year ago, India’s largest private port operator said in its exchange filing. That compares with Rs 795 crore consensus estimate of analysts tracked by Bloomberg.

The company’s revenue fell 12 percent to Rs 2,411 crore from Rs 2,745 crore a year ago. Earnings before interest, tax, depreciation and amortisation were up by a percent at Rs 1,588 crore. Operating margin rose to 66 percent after declining for two successive quarters. It stood at 57 percent in the corresponding three months a year ago.

Adani Ports reported a mark-to-market loss of Rs 383 crore compared with a gain of Rs 32 crore in the year-ago period as the rupee weakened in the June quarter, the filing said.

Other Highlights
Container volumes grew 16 percent.
Cargo volumes were up 9 percent to 48.1 million metric tonne.
Shares of the company finished the day at Rs 397.75 apiece, down 0.5 percent from its previous close, ahead of the earnings announcement.
Source: Bloombergquint